Housing Outlook
NAHB Chief Economist David Crowe indicated that the building industry soon should be seeing tangible signs of improvement. Speaking at the Annual Construction Forecast Conference in April, Crowe cited positive factors such as affordability, favorable mortgage rates, tiny inventories of newly-built homes, declining vacancy rates, and pent-up demand caused by delayed household formations. “By the end of 2012, I expect new-home sales and starts to be back to where they were around the beginning of the recession in late 2007,” Crowe stated. He was even more positive about multi-family demand, projecting a 23 percent increase in 2011 starts, followed by greater gains in 2012.
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